TORONTO, March 24, 2014 /CNW/ - Heritage Global Inc. ("Heritage Global" or the "Company") (OTCQB: HGBL), a leader in distressed and surplus capital assets valuations and transactions, announces its intention to apply to list its shares on the Canadian Stock Exchange ("CSE") and anticipates that such listing, if approved, can occur prior to April 30, 2014. According to the CSE, the application review and approval process for listing can take as few as 15 to 20 business days.
The Company expects that listing on the CSE will enable its shares to be considered a "qualified investment" for a registered retirement savings plan, registered retirement income fund, tax-free savings account, deferred profit sharing plan, registered education savings plan or registered disability savings plan for the purposes of the Income Tax Act (Canada) as of the time of listing.
On March 20, 2014, Counsel Corporation ("Counsel") (TSX: CXS), the Company's 73.3% owner, announced that its board of directors had declared a special dividend-in-kind (the "Special Dividend") of Counsel's entire holding of 20,644,481 common shares of Heritage Global. The Special Dividend will be paid on or about April 30, 2014 to shareholders of record as at April 1, 2014. As the majority of Counsel's shareholders are located in Canada, listing on the CSE is expected to enhance the liquidity of their shares.
About Heritage Global Inc. (www.heritageglobalinc.com)
Heritage Global Inc. (OTCQB: HGBL) is a value-driven, innovative leader in distressed and surplus capital assets valuations and transactions. The Company focuses on identifying, valuing, acquiring and monetizing distressed and surplus capital assets in twenty-five global manufacturing and technology sectors. It specializes in both acting as an advisor as well as acquiring turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios and related intellectual property.
About Counsel Corporation (www.counselcorp.com)
Counsel Corporation (TSX: CXS) is a financial services company operating in residential mortgage lending through its wholly owned subsidiary Street Capital Financial Corporation, one of the largest non-bank mortgage lenders in Canada.
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address the Company's expectations, including those relating to the Special Dividend and the listing of Heritage Shares on the CSE, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond the Company's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings.
SOURCE: Counsel Corporation
For further information:
Stephen A. Weintraub
Executive Vice President, Secretary & CFO
[email protected] or 416/866-3058
[email protected], or 416-815-0700, ext. 258